Greetings, and welcome to Caleres' first quarter 2026 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Liz Dunn, Senior Vice President, Corporate Development and Strategic Communication. Thank you. You may begin. Thanks, Rob. Good morning, and thank you for joining our first quarter earnings call and webcast. A press release with detailed financial tables as well as a quarterly slide presentation are available at caleres.com. Please be aware today's discussion contains forward-looking statements, which are subject to several risks and uncertainties. Actual results may differ materially due to various risk factors, including those disclosed in the company's Form 10-K and other filings with the U.S. Securities and Exchange Commission. Please refer to today's press release and our SEC filings for more information on risk factors and other factors which could impact forward-looking statements. Copies of these reports are available online. In discussing our operating results, we will be providing and referring to adjusted operating and earnings results, and in some cases, we will be discussing our results excluding the impact of Stuart Weitzman. Additional details on non-GAAP measures, as well as others featured in today's earnings release and presentation, are available in the reconciliation table in our earnings release and on caleres.com. The company undertakes no obligation to update any information discussed on this call at any time. Joining me today are Jay Schmidt, President and CEO, and Dan Karpel, Senior Vice President and CFO. Our call will begin with prepared remarks, followed by a Q&A session to address any questions you have. With that, I will now turn the call over to Jay. Jay? Good morning. Earlier today, Caleres reported first quarter sales and earnings. Earnings per share exceeded our guidance, driven by strong sales and gross margin results in the brand portfolio segment. In the brand portfolio, the quarter demonstrated the power of our strategic growth vectors with broad growth across channels and geographies supported by our centers of expertise. Lead brands outperformed, but the performance was solid across our brand portfolio, with most brands delivering growth in both revenue and profit. This segment also saw significant gross margin expansion, reflecting strong brand and channel mix, tariff mitigation efforts, lower current tariff rates, continued operational execution, improved product mix, and disciplined inventory control. Once again, the brand portfolio gained market share in the quarter for women's fashion footwear, according to Circana. At Famous Footwear, results were more challenging amid a softer consumer and macroeconomic backdrop. We continue to see strong e-commerce growth, with sales up nearly 10%. We also made progress on our strategy to add more elevated brands and products to strengthen Famous Footwear's relevance and market position. In the quarter, our Flair remodel saw accelerating outperformance versus the fleet, with stores opened less than a year ago outperforming non-Flair stores by nine points, and total Flair stores outperforming by seven points. During the quarter, according to Circana, Famous gained market share in shoe chains both overall and in kids. Turning now to more detail on the first quarter. Brand portfolio sales on an organic basis increased 5.8% in the quarter and 20.6% when factoring in Stuart Weitzman. Lead brands grew 7% organically and represented nearly 60% of organic brand portfolio sales. Owned e-commerce continued to see growth, and our international business was up. Last year, as we reported, we engaged an outside partner to ensure we were capturing all the synergies as we integrated Stuart Weitzman. At the same time, they analyzed our entire brand portfolio to find ways to increase efficiency and effectiveness. As a result of that work, we created several new centers of expertise. These include international, our biggest growth vector, specialty retail operations, which is an increasing focus with three of our five lead brands operating retail stores, in digital, where we expect to continue to see outsized growth, in marketing operations, where we are successfully using our CDP and improving our media efficiency across all our brands, and planning and costing, where we are focused on improved inventory management to drive stronger gross margins. As we discuss our results today in the brand portfolio, it is important to keep in mind the structural work we've completed to drive these results. Now for the lead brand highlights. First, Sam Edelman delivered double-digit top-line growth both domestically and internationally. Performance was strong across both existing and new doors, complemented by successful shop-in-shop rollouts and other distribution gains. The consumer reaction to the brand's spring fashion was very positive, with standout increases in both casual and dress, solid results in sandals, and continued traction from both newness and key iconic styles. In direct-to-consumer, full price selling at higher average unit retail supported strong margins. The brand gained significant market share in the quarter in women's fashion footwear, coming in at number nine for the quarter, according to Circana. Internationally, growth was driven primarily by our joint venture in China, and the brand is gaining traction around the globe. We are building momentum in our handbag business with upgraded materials and expanded global distribution. We also continue to be pleased with the progress we're seeing with our Sam Edelman fragrance line. From a brick-and-mortar perspective, we ended the quarter with 113 Sam Edelman stores, including 54 owned and 59 franchise, with 109 being international. Stuart Weitzman made meaningful progress in the quarter, with results that support our continued expectations for breakeven in fiscal 2026 and lay the foundation for our long-term aspirations for the brand. As we mentioned last quarter, we successfully integrated Stuart Weitzman's global business onto Caleres platforms in February with minimal disruption. We made progress in the first quarter as sales and profit exceeded our internal expectations, and cleaner, more current inventory supported strong gross margins that were accretive to the total brand portfolio gross margin rate. We saw strengthening trends in both direct-to-consumer and wholesale, driven by key franchises and core icon styles, and improving conversion following our e-commerce transition. Internationally, trends in China also improved as product and marketing became more closely aligned with the brand's global positioning. The China business is also seeing early success from an expanded sneaker assortment, powered by Caleres' sourcing and product capabilities. Those sneakers are planned for continued growth. In Europe, we are renewing our engagement with key luxury partners, including the opening of a new shop in Printemps during the quarter. Looking ahead, we are excited to celebrate the brand's 40th anniversary this fall with a global campaign and engaging activations. Stuart Weitzman ended the quarter with 71 stores, including 23 in North America and 48 in China. Our Allen Edmonds brand delivered nearly 20% first quarter sales growth, with broad-based momentum across the business. Brick-and-mortar stores, owned e-commerce, and wholesale all posted solid gains in the quarter, with healthy demand, particularly in dress, loafers, and. During the quarter, Allen Edmonds gained market share and moved up five points to the number 11 brand in the $200+ segment for men's fashion footwear in the premium channel, according to Circana. Our Reserve collection, the brand's most elevated product offering, continued to scale meaningfully, attracting high-value customers who shop more frequently, spend more annually, and demonstrate higher loyalty engagement. We also continue to be pleased with the outperformance from our Port Washington studio stores, and shortly after quarter end, we opened our most recent location on King Street in Charleston, South Carolina. These 18 stores outperformed the broader 58-store fleet by 11 points in the quarter. Naturalizer had a solid quarter with modest growth led by continued strength in owned e-commerce. The brand's collaboration with June Ambrose drove a step-up in traffic and sales on naturalizer.com, including strong new customer acquisition and broader brand awareness among younger, higher income, and more diverse consumers. Wholesale performance also improved as localized assortments with key partners drove growth and higher average unit retails. Consistent with broader portfolio trends, sandals and dress shoes led the quarter, with consumers responding especially well to on-trend colors and textures, including raffia, mesh, and woven materials. Looking ahead, the June Ambrose collaboration will continue with additional product drops in August, September, and October. Vionic delivered strong owned e-commerce performance in the first quarter, along with growth at key wholesale partners, helping to offset planned declines in value channels. Premium wholesale accounts supported year-over-year gains with expanded assortments, early sneaker launches, and exclusive styles. Targeted marketing drove solid sell-throughs across athletic, walking, sandals, and casual categories. Consumer response to new products was positive, and the new City Walk sneaker sold out quickly online. Vionic is leaning further into walking as an ownable category, supported by wellness ambassador Gabby Reece and the launch of the Hummingbird style at market this week. It is Vionic's lightest walking sneaker ever. Vionic understands that walking is essential to wellness and has unique biomechanics that are different than in running shoes. Vionic is well positioned to lead in this growing segment. Moving on to Famous Footwear. In the quarter, total sales decreased 2.5% and comp sales decreased 2.3%, about in line with the low end of our guidance. E-commerce continued to outperform stores, up almost 10% as we leverage our CDP to deliver more personalized customer outreach. Famous sales results were strongest in February. While we saw improving trends leading into Easter, we believe accelerated inflation put pressure on consumer traffic and sales, especially as we moved into April. From a divisional perspective, kids performed best, followed by men, while women's and accessories underperformed the total business. Fashion outperformed athletic with more pronounced softness in women's athletic, while sandals were strong across both adult and kids categories. On the brand side, our elevate and edit strategy continues to resonate with our Famous consumers. Sales of elevated products increased nearly 50% in the quarter, and penetration reached almost 20% year-over-year. We saw growth in the quarter from Jordan, Skechers, Birkenstock, New Balance, Reef, and Brooks, while several brands in the Caleres portfolio finished among Famous' top 15 best-selling brands. We continue to expand newness and key product launches across the assortment, which we believe positions us well heading into the balance of the year. We showcased our brand elevation strategy with targeted brand activations in the quarter. We were especially pleased with the first Skechers takeover in February. These exclusive, high-impact events drive strong visibility and brand excitement, which we amplify through media in store and across digital. We've seen similar results with the Birkenstock takeover that began in April and continued into May. Considering the investment so far this spring, these events are delivering meaningful returns, and we have at least five additional brand events planned for the balance of the year. Famous continues to enhance its consumer experience through the Flair format. We ended Q1 with 59 Flair locations, which generated a seven-point sales lift overall and a nine-point sales lift for stores converted in the last year. These results continue to reinforce our confidence in the Flair strategy and underscore Famous' ability to amplify elevated brands and products. As we evaluate the optimal markets for Flair, we are shifting our focus to Flair openings in the near term, which generate even higher returns than remodels. We plan to end the year with approximately 65 Flair locations. Our first quarter results provided encouraging evidence that our plans are taking hold. Caleres made meaningful progress against our strategic growth objectives, including lead brands, international direct-to-consumer, our elevate and edit strategy, and enhancing consumer experiences through Flair. We've made structural organizational changes to ensure our operational execution supports our efforts. We are playing to our strengths and investing in our highest return growth initiatives, and we are gaining market share in both segments of our business. Dan will walk you through our expectations for the balance of the year in detail. We continue to view 2026 as a build-back year characterized by relatively modest organic sales growth and meaningful earnings recovery. In the brand portfolio, our momentum is building. Product strength, brand heat, and marketing investments are set up to drive growth in wholesale, D2C, and international for the balance of the year. At Famous Footwear, while the environment is more challenging, we are encouraged by continued e-commerce growth, the progress we've made with our elevate and edit strategy, and our efforts to enhance the shopping experience through Flair. We will continue to expand our penetration of elevated brands and products. We have exciting brand takeovers planned for the remainder of the year. As always, we will lean into our strength in kids heading into this important back-to-school season. As we move into the second quarter, we feel good about our overall performance and our ability to deliver on our guidance for the year. With that, I'll now turn it over to Dan Karpel, who officially assumed the CFO role in May, for a more detailed view of our financial performance and our outlook for the balance of 2026. Dan? Thank you, Jay, and good morning, everyone. During today's call, I will provide additional details on first quarter results as well as our expectations for Q2 and the full year. Please note that my comments will be on an adjusted basis, and I will note when they exclude Stuart Weitzman. For the first quarter, sales were $667 million, up 8.5%. Sales on an organic basis, excluding Stuart Weitzman, increased 1.4%. Organic sales increased in the Brand Portfolio segment and declined at Famous Footwear. Sales for Stuart Weitzman were $43.9 million. Brand Portfolio sales were up 5.8% on an organic basis and 20.6% including Stuart Weitzman. Lead brands in total, excluding Stuart Weitzman, grew about 7% with growth in both North America and international. Famous sales were down 2.5% with comparable sales down 2.3%. Comparable sales increased low single digits in February and decreased mid-single digits in the combined March, April period. We ended the quarter with 812 store locations as we closed 10 and opened one during the quarter. Consolidated gross margin was 47.3%, up 200 basis points to last year, driven by the brand portfolio. Brand portfolio gross margin was 49%, up 520 basis points to last year, reflecting favorable brand and channel mix, lower current tariffs, the continuation of our tariff mitigation efforts, and lower markdowns. Famous gross margin was 43.8%, down 150 basis points to last year, with a greater proportion of clearance sales in the quarter, higher markdowns, and higher shipping costs from a larger mix of web sales. Consolidated SG&A expenses increased $27.2 million, or 10.2% to $293.7 million. The increase was primarily driven by $25.7 million of expenses related to Stuart Weitzman. As a percentage of sales, SG&A was 44.1% and deleveraged 70 basis points. Excluding Stuart Weitzman, the SG&A rate improved 30 basis points. Operating earnings in the quarter were $21.7 million, and operating margin was 3.3%. Operating margin at brand portfolio was 11.1%, up 520 basis points to last year. When excluding Stuart Weitzman, operating margin was 13.1%, up 720 basis points to last year. Operating margin at Famous was - 0.1%. Our adjusted results excluded $1.8 million of Stuart Weitzman acquisition and integration costs, modestly below our expectation of approximately $2 million, as well as the gain related to the sale of a small parcel of our corporate headquarters campus during the quarter. Net interest expense was $4.7 million, up $0.9 million to last year due to higher average borrowings driven by the acquisition of Stuart Weitzman in August 2025. The weighted average borrowing rate in the quarter was down about 40 basis points to last year. The consolidated tax rate was 33.2% for the quarter. First quarter earnings per diluted share were $0.38 as compared with $0.22 last year. Turning to the balance sheet, we ended the first quarter with $37.7 million in cash and cash equivalents, $34.7 million in borrowings, and $229.2 million in liquidity. Inventory at quarter end was $609.1 million, up $35 million to last year, of which $58 million was from Stuart Weitzman. Excluding Stuart Weitzman, organic inventory was down $23 million, with brand portfolio down 12.6% and Famous inventory up 3%. Turning to our outlook. We continue to face an uncertain tariff environment. Our guidance is built on the assumption that new tariffs will be enacted in July 2026 that will largely replace the prior IEPA tariffs. Given the uncertainty around potential additional tariffs, we believe this is prudent. We remain flexible in our sourcing strategy and will continue seeking the best country matrix for our quality and price needs. Additionally, with elevated inflation, the risk of economic slowdown persists. The low end of our guidance anticipates continued softness related to the economy, but it does not anticipate growing issues. Lastly, we currently estimate that we are eligible to receive approximately $57.8 million plus interest in refunds related to the invalidated IEPA tariffs. Although we have begun to receive refunds, there can be no guarantee that the refunds will equal the full amount of the IEPA tariffs paid, and any refund may be subject to further legal and regulatory developments. As a result of this uncertainty, we have not recorded a receivable related to the potential recovery of the IEPA tariffs paid, nor have we reflected such recoveries in our guidance for the second quarter or full year. For the second quarter, we expect consolidated sales to increase mid to high single digits compared to last year. For brand portfolio, sales up in the mid-20s% range, inclusive of low double-digit organic growth. For Famous sales and comparable sales, down mid-single digits. We anticipate opening three stores and closing two during the quarter. Consolidated gross margin to improve 345 basis points- 375 basis points compared to last year. SG&A deleverage of 325 basis points- 375 basis points compared to last year, driven by the inclusion of Stuart Weitzman, lower sales at Famous, and incremental incentives related to the performance of the brand portfolio. Tax rate of 26%-27%, and GAAP earnings per diluted share of $0.32-$0.38. For the full year 2026, we expect consolidated sales up low to mid-single digits compared to last year. Brand portfolio sales up low double digits compared to last year and up mid-single digits organically. Famous Footwear sales and comparable sales down low to mid-single digits compared to last year. We expect to open 12 stores and close 15 during the fiscal year. Consolidated gross margin up 220 basis points- 260 basis points compared to last year. SG&A rate flat to slightly deleveraged compared to last year, with increases in incentive compensation and other investments largely offset with cost-saving measures. Interest expense of $18 million and a full-year tax rate of 27%-28%. GAAP earnings per diluted share of $1.44-$1.69 and adjusted earnings per diluted share of $1.40-$1.65. CapEx of approximately $50 million-$55 million, which we will continue to evaluate based upon macroeconomic conditions and performance. With that, I'd now like to turn the call back over to the operator for Q&A. Operator? Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Mitch Kummetz with Seaport Research Partners. Your line is now live. Hi. Yes, thanks for taking my questions. Let me start on the guide. The full-year sales guide hasn't changed, but you changed your outlook by operating group a little bit, I think. Can you just maybe go over that? Yes. Yeah. The question was, your full-year guide hasn't changed, but it has changed by operating group. Is that correct, Mitch? I was just hoping you could address the changes by operating group. What are you seeing by operating group that led you to make those changes in terms of the guidance? I think that we're seeing a lot of strength in our brand portfolio, and we continue to see optimism on all of the strategies coming through and don't see that really slowing down materially. Over at Famous, and Dan can fill in the exact numbers here, but we're trying to keep it more realistic to where our current trend is, just to make sure that we've kind of got all the things looked at appropriately in the company. Dan? Yeah, no, I think that's exactly right, Jay. Just to add a little bit of color. As we said, in February, we saw positive store for store comps, and then we had seen a decline in that March, April period. We've continued to be thoughtful about that guide on the Famous side of the business so that we ensure we're managing the business, controlling inventory, things of that nature. Offsetting that was the strength that you saw in the first quarter related to brand portfolio. We continue to see that momentum. That's really how you get the balance on the sales guide. As far as Famous goes, the softness that you experienced in March and April, has that continued into May? What are you assuming for back to school? Are you assuming some sequential uptick in the Famous business with back to school obviously being an event period and consumers somewhat showing up for events versus non-event periods? Yes, Mitch. We've seen as we've guided in the second quarter down mid-single digits there. For the full year, we've guided low to mid-single digits. We've seen at time of back to school and some of our specific sale periods, our performance being very strong. It's a little bit in the gaps that we're seeing a little bit off of that. Yes, we do have conservative guidance going forward. We've modeled that in where we're performing better in our peak periods, like back to school and the holiday season. Okay. Then maybe just lastly from me, on the gross margin guide, so you've provided it for both the second quarter and updated it for the full year. Maybe speak to the increase in the gross margin guidance for the year and can you also provide an updated outlook by operating group? I think previously you had said sort of Famous that were flattish gross margin and BP up. I'm wondering if that's changed and also can you give us an outlook by operating group for the second quarter in terms of gross margin? Yeah. Mitch, maybe some color on that. In the second quarter, as we shared in the script, we see that expansion largely driven on the BP side, and we're seeing that in our brand and channel mix is a big driver for it. We're also seeing a bit of the tariff benefit where we've got mitigation strategies in place, and we're currently operating an environment with lighter tariffs. Finally, if you recall last year, our comps year-over-year, our margins were relatively light in Q2 of last year as that's when we had some more significant inventory markdowns. As we think about that guide, you're seeing pretty big step-up on the brand portfolio side in margins. We've guided for the full year the +220 basis points to +260 basis points on consolidated gross profit. You'll see that continued strength on the brand portfolio side, but there is some bulk of it being structural, but some of it with the volatility and the tariff certainly, and that's why you're seeing it. From a Famous standpoint, you're right, we haven't guided that. As we talked in the script, we're being very thoughtful of clearance and being thoughtful that we're controlling that inventory. We do have some modest clearance as we anticipate the uncertainty in that marketplace. Famous you'll see kind of flat to slight down with the bulk of the difference being in brand portfolio. Okay. That's all very helpful. Thank you. Thanks, Mitch. Our next question comes from Dana Telsey with Telsey Advisory Group. Your line is now live. Hi, good morning, everyone. Jay, as you think about the overall footwear market, how did it grow this quarter? What did you see? Certainly the shift to fashion from sneakers in some of the brands you called out from Famous seems to be there. Also that seems to be benefiting the brand portfolio. What are you seeing in terms of full price versus promo sales at brand portfolio? How is the distribution of brand portfolio changing given changes in the environment, whether with Bloomingdale's, with Nordstrom, given the reduction of brands and vendors that are being sold in Saks? Lastly, as you think about unpacking the gross margin and SG&A through the balance of the year, how are you incorporating the potential for tariffs and tariff refunds into the landscape? I just have one follow-up after. Thank you. First of all, you're right, Dana. We are seeing fashion really take on strongly. As I believe I commented there, we're seeing nice growth in categories just outside of sneakers. In many of our brands, we saw a return to dress, which we think will have long-standing trend there, which is great. Our sandal business, even despite some weather issues, was pretty good all the way through, and I think that reflects in both dress and casual new offerings in that category. At the same time, our casual business, particularly in flats, was very strong in the quarter. The sneaker business is kind of tricky on the brand portfolio side because overall it was down about mid-singles from where we were last year, and I think that just reflects a little bit of shift, but the combined effort is all positive. We do have new offerings in all of our key fashion brands and some of the other ones that are also taking hold. Just kind of seeing it as, I think a year ago, it was much more heavily focused on the consumer purchase on a sneaker versus now the consumer shopping across more, which as you know is very good for our company and our brand portfolio and truthfully for the whole business. I think we're continuing to see that. Going over to how we're doing with the brand portfolio, our market share was quite strong. It was stronger in the more premium part of our business, I would say, overall, we did see good results coming through. That's encouraging also that as we look out there, we are taking more share in there. I'm going to turn over the last one, I believe, over to Dan to talk about how we connected on our guidance and what we factored in and out. Sure. Dana, I think the two points I had, one of them was about the BP margins and just sharing again the substantive. We guided when we closed 2025, we had a lot of structural improvements and had planned BP gross margins up. In fact, we've realized that. I think as we've looked at our performance in the first quarter and the balance of the year, we feel comfortable, and that's where you see a bit of the increased guidance there in that BP margin expansion. The other thing, you had asked two things about tariffs. One of them related to how we've thought about them. We've assumed the IEPA tariff rates largely come back in line at the end of July. Your other question about the tariff refunds, as we had mentioned in the call script, we've filed claims for a little over $57 million. We have not factored that into our earnings guidance at all. We're thinking of that as a gain contingency, and we'll continue to report it as we collect it as we go forward. Got it. Thank you. Any follow-up just on rising energy prices, how is that impacting freight costs and how you're planning? Thank you. I think right now all of that work is currently in total. We're seeing obviously a lot of ways that actually energy or the gas price can affect not just only the freight piece, but also some product moments. We're looking to offset those as best we can. I think that's still something that we're currently working on with I think all of the moving dynamics that are happening right now in the industry. We have, I think given ourselves some room so we feel comfortable about the guidance that we delivered in there. We have taken that into effect. Thank you. We have reached the end of the question and answer session. I'd now like to turn the call back over to Jay Schmidt for closing comments. Okay. Thank you for your continued interest in our company. Before we conclude, I want to recognize our Caleres teams around the world who continue demonstrating the focus, the adaptability and commitment needed to navigate this rapidly changing environment. The progress we made in first quarter reinforces our belief that the strategies we put in place are strengthening the foundation of our business and positioning us to create long-term value for our shareholders. We look forward to updating you in the coming quarters. Thank you. This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.